Key Takeaways
- • ZIG Finance has launched the zEMS Vault, a tokenized product giving institutional investors access to a diversified pool of Saudi SME private credit, and it is the first deliverable from its strategic partnership with Laser Digital, the digital assets subsidiary of Nomura.
- • The Vault is tokenized by KAIO and issued on BNB Chain, with Laser Digital serving as Risk Framework Advisor and providing tokenization advisory support.
- • Beehive, the first peer-to-peer lending platform in the MENA region regulated by the DFSA, originates the underlying credit, with more than a decade of SME lending experience across the GCC.
- • The Vault is available only to eligible institutional investors in selected jurisdictions, does not guarantee returns, is not principal-protected, and does not confer direct ownership of the underlying assets.
- • Laser Digital has not assessed or rated any underlying loan or borrower; credit selection and risk management rest with ZIG Finance and the originator.
Summary
ZIG Finance has launched the zEMS Vault, a tokenized product that gives institutional investors access to a diversified pool of Saudi small and medium-sized enterprise (SME) private credit. According to the company's announcement as reported by The Next Web, the Vault is the first deliverable from its strategic partnership with Laser Digital, the digital assets subsidiary of Nomura, which first backed ZIG Finance's onchain private credit push earlier this year.
The structure is built around several partners. KAIO, the tokenization platform developed by Laser Digital and WebN, tokenizes the Vault and manages compliance and its full lifecycle, including KYC enforcement at subscription and redemption. The Vault is issued on BNB Chain. Laser Digital serves as Risk Framework Advisor, supporting the design of the risk governance framework. Beehive originates the underlying credit and is the first peer-to-peer lending platform in the MENA region regulated by the DFSA. Zamanat acts as structuring partner and Sharia advisor, while ZIG Markets handles issuance, curation and distribution. Khalij is expected to join as Sharia certification partner, and an independent calculation agent will be appointed separately.
ZIG Finance positions the product as a response to long-standing institutional concerns over underwriting standards, portfolio construction and risk oversight in emerging-market private credit. Abdul Rafay Gadit, Co-founder and Chief Commercial Officer of ZIG Finance, said the aim "isn't to remove credit risk" but to make that risk transparent and manageable. Gadit added that the Vault could open a deeper pool of institutional capital to Saudi private credit and could be extended to other emerging markets. Dr. Jez Mohideen, Co-founder and CEO of Laser Digital, described the launch as an early test of whether private credit can be brought onchain in a form institutions can approve. KAIO has already hosted tokenized funds from BlackRock, Brevan Howard and Hamilton Lane and has processed more than $500 million in volume, according to the article. Shrey Rastogi, CEO of KAIO, and Umair Tariq, CEO of Zamanat, also commented on the launch.
ZIG Finance says further products are in the pipeline, with opportunities across the region and other asset classes under consideration. The Vault is available only to eligible institutional investors in selected jurisdictions. It does not guarantee returns, is not principal-protected, and does not confer direct ownership of the underlying assets. Credit risk remains tied to the underlying SME borrowers, and Laser Digital, regulated by VARA and ADGM's FSRA, has not assessed or rated any underlying loan or borrower.
The structure is built around several partners. KAIO, the tokenization platform developed by Laser Digital and WebN, tokenizes the Vault and manages compliance and its full lifecycle, including KYC enforcement at subscription and redemption. The Vault is issued on BNB Chain. Laser Digital serves as Risk Framework Advisor, supporting the design of the risk governance framework. Beehive originates the underlying credit and is the first peer-to-peer lending platform in the MENA region regulated by the DFSA. Zamanat acts as structuring partner and Sharia advisor, while ZIG Markets handles issuance, curation and distribution. Khalij is expected to join as Sharia certification partner, and an independent calculation agent will be appointed separately.
ZIG Finance positions the product as a response to long-standing institutional concerns over underwriting standards, portfolio construction and risk oversight in emerging-market private credit. Abdul Rafay Gadit, Co-founder and Chief Commercial Officer of ZIG Finance, said the aim "isn't to remove credit risk" but to make that risk transparent and manageable. Gadit added that the Vault could open a deeper pool of institutional capital to Saudi private credit and could be extended to other emerging markets. Dr. Jez Mohideen, Co-founder and CEO of Laser Digital, described the launch as an early test of whether private credit can be brought onchain in a form institutions can approve. KAIO has already hosted tokenized funds from BlackRock, Brevan Howard and Hamilton Lane and has processed more than $500 million in volume, according to the article. Shrey Rastogi, CEO of KAIO, and Umair Tariq, CEO of Zamanat, also commented on the launch.
ZIG Finance says further products are in the pipeline, with opportunities across the region and other asset classes under consideration. The Vault is available only to eligible institutional investors in selected jurisdictions. It does not guarantee returns, is not principal-protected, and does not confer direct ownership of the underlying assets. Credit risk remains tied to the underlying SME borrowers, and Laser Digital, regulated by VARA and ADGM's FSRA, has not assessed or rated any underlying loan or borrower.
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